Landlord Doesn't Have Documents

[Derek Morrison]

I'm interested in purchasing a small apartment complex that doesn't seem to be very well-run. If the current landlord provides me documents (ie rent roll, expenses) but their records aren't kept well and the docs are probably wrong, will I have trouble getting bank financing for such a property?

[Charlie MacPherson]

@Derek Morrison Be sure you get an estoppel certificate from each of the tenants.  They must state how much their rent is and what deposits are being held by the landlord.

An estoppel prevents the tenant from falsely claiming later that you owe them money, like security deposits or advance rents.

In fact, getting estoppels should be a contingency on your offer.